Finance Your Dream Loft Conversion with a Home Improvement Loan

One of the easiest ways to add living space and value to your home is though a loft conversion. Turning a damp, dreary loft area into a bright, airy room can significantly increase your home’s appeal and its value. Whether you want to add another en-suite bedroom, a kid’s playroom or an artist’s studio, a loft conversion is a great way to make use of your attic space.

However, whilst a loft conversion can add substantial value to your home, it can cost a significant sum to undertake the conversion work. Our guide looks at the costs of a loft conversion, the value it adds to your home and how a home improvement loan can get you the finance you need.

How Much Do Loft Conversions Cost?

The cost of an attic conversion can vary significantly depending on the size of the loft space and the type of conversion that you are looking for. A simple conversion to allow storage may cost just a few hundred pounds, whilst a full conversion to an en-suite bedroom might cost up to £50,000.

According to figures from The National Self Build and Renovation Centre, the average loft conversion should cost £498 per square metre if you undertake most of the work yourself whilst it will cost around £998 per square metre if you hire professionals to complete the job.

The website Prime Location estimates that a small insulated and plaster boarded loft conversion to include joists, stairs and two roof lights will cost between £15,000 and £17,000. A large loft conversion may be almost double this, at between £25,000 and £40,000. London loft conversions will be more expensive again.

How Much Value Do Loft Conversions Add to Your Home?

The Guardian newspaper has reported ‘converting 300 square feet of loft space into an en suite bedroom can add more than 20 per cent to the value of an average property.’ And, figures from Halifax, the UK’s leading mortgage lender, have found that a loft conversion should add an average of £24,981 to the value of your home.

It is vital that you establish a budget for your loft conversion and that you stick to it. Overspending may mean that you spend more on the loft conversion than the value it adds to your home.

Using a Home Improvement Loan to Raise the Cash for Your Loft Conversion

With an average loft conversion costing in excess of £15,000, finding the money to undertake the work will be one of your primary concerns.

One easy and simple way to raise the money needed for a loft conversion is to use a home improvement loan. If you have equity in your home, a home improvement loan can be secured on your property to provide the money for your conversion. You then pay the loan back over a period of your choosing with a monthly payment that is affordable to you.

Many lenders offer home improvement loans for borrowers looking to fund loft conversions, and will typically lend up to 75-90 per cent of your home’s value. Some will also use the ‘when finished’ value of your home to determine the lending – the increased value of your property once the loft conversion is completed.

To get your home improvement loan, fill our form on the right.